Business
Ricca Resources - Gold Demerger - Dispatch of OIS
Ricca Resources - Gold Demerger - Dispatch of OIS.
About this update from Atlantic Lithium Limited.
[{"type":"text","content":"\n \n \n \n RNS Number : 5713T\n Atlantic Lithium Limited\n 25 November 2021\n \n \n \n \n 25 November 2021\n \n \n \n \n \n Gold Demerger Update\n \n \n Ricca Resources Limited\n \n \n Offer Information Statement to be Dispatched\n \n \n \n \n As set out in Atlantic Lithium Limited's (AIM: ALL, \"Atlantic\" or the \"Company\") \n announcement on 18 November 2021, shareholders have approved the capital reduction and in-specie distribution of shares held by the Company in Ricca Resources Limited (\"Ricca Resources\") to facilitate the demerger of the Company's gold assets.\n \n \n \n \n \n The Offer Information Statement (\"OIS\") for a non-renounceable pro rata rights issue offer of Ricca Resources (the \"Ricca Rights Issue\" or \"Priority Offer\") to be dispatched to eligible Atlantic shareholders today. \n \n \n \n \n \n HIGHLIGHTS:\n \n \n \n \n \n Ø \n \n Shareholders approved the capital reduction and in-specie distribution to facilitate the gold demerger at the AGM held on 18 November 2021.\n \n \n \n \n \n \n Ø \n \n The Offer Information Statement in respect of the Priority Offer to raise up to A$7.2m (which is fully underwritten by Canaccord Genuity Australia Limited) to be dispatched to eligible shareholders today.\n \n \n \n \n \n \n Ø \n \n Ministerial approval received from Chad for the transfer of the Chadian gold tenements to Ricca Resources.\n \n \n \n \n \n \n Ø \n \n The demerger timeline for completion remains unchanged with a proposed completion date of 22 December 2021.\n \n \n \n \n \n \n Ø \n \n Atlantic to provide Ricca Resources with initial start-up capital of A$7m.\n \n \n \n \n \n \n Ø \n \n Post demerger, Ricca Resources will have a cash balance of approximately A$14.2m before costs. \n \n \n \n \n \n \n The offer information statement can be found \n \n https://www.atlanticlithium.com.au/Ricca OIS\n \n \n \n \n \n \n Ricca Resources'website can be found at \n \n \n www.riccaresources.com.au\n \n \n .\n \n \n \n \n \n The \n RiccaResources\n ' presentation can also be found at\n \n \n \n www.riccaresources.com.au/presentations\n \n \n .\n \n \n \n \n \n \n \n \n Shareholder Approval Received\n \n \n Atlantic (formerly IronRidge Resources Limited) received shareholder approval f...